Feb. 2 (Bloomberg) -- Petroleos de Venezuela SA, the state oil company, is negotiating with Exxon Mobil Corp. to pay an arbitration award in crude oil instead of cash, Platts reported today, citing a government source it did not name.
The New York-based International Chamber of Commerce awarded Exxon a net $746.9 million in December for oil assets seized by Venezuelan President Hugo Chavez in 2007. PDVSA, as the Caracas-based company is called, said on Jan. 2 that it would pay $255 million in cash for the judgment, after accounting for about $300 million in a frozen bank account and $191 million of Exxon debt that the Venezuelan company will cancel.
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